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What is the difference between a fixed rate mortgage and adjustable rate mortgage?

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What is the difference between a fixed rate mortgage and adjustable rate mortgage?

    Billy Cunningham
    Posted 3 months ago

    at 5.125 % you would be a FOOL to get an adjustable rate mortgage.

    Get the FIXED rate mortgage.

      T E
      Posted 3 months ago

      fixed rate mortgage is mortgage loan amount with a fixed interest rate over a period of time, say 3 or 5 yrs

      adjustable rate mortgage is mortgagae loan amount with its interest rate that changes when the bank rate changes

        Melissa White Realty
        Posted 3 months ago

        With a fixed rate mortgage, the interest rate never varies and your monthly payment stays the same for the life of the loan (excluding increases due to rises in real estate taxes). With an adjustable rate mortgage (or ARM), you usually start out with a lower interest rate than on a fixed rate mortgage, but the interest rates go up (or down) after a period of time and consequently affect the amount of your monthly payment.

          stevefwb
          Posted 3 months ago

          fixed is set permanently in the beginning of the loan. now it is about 5 %.

          adjustable means the rate can and will change. normally starts low 3% and will go up to 18% if the banks rate goes up.

          if you know you are going to sell in 2 yrs then adj. MIGHT be something to consider.

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